Moncler: Amazing Q2 and H1 numbers (bis repetita)
Moncler: (NEUTRAL, Fair Value EUR36 vs. EUR35 (-9%))Amazing Q2 and H1 numbers (bis repetita)
Moncler managed to maintain an astonishing pace of growth in Q2, with +26% FX-n sales growth (CS: +24%) after +27% in Q1, delivering sales of EUR161.5m (CS: EUR151m). More impressively, SSSG amounted to 27%. The H1 adj. EBITDA clearly benefited from this strong top line momentum coming in at EUR124m (CS: EUR119m), leading to a 130bp-margin expansion to 25.1% (CS: 24.7%e). Although current trading remains buoyant, management is maintaining its traditionally cautious message over H2. We have raised our forecasts by ~2% over 2018-19 and adjusted our FV to EUR36. Neutral recommendation maintained.
Moncler is a jacket and sportswear production group based in Italy. Co. directly produces and distributes its own clothing and accessories collections, through its direct boutiques and exclusive department and multibrand stores. Co. branded products range from the high fashion segment with the Gamme Rouge and Gamme Bleu collections (exclusive products and selected distribution to boutiques) to the Grenoble collection (sporting and technical garments). As of Dec 31 2013, Co. operated a network of 135 stores, including 107 directly operated stores (DOS) and 28 wholesale stores (27 shop-in-shop and 1 franchise store).
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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